Over 35% of Americans have unpaid debts turned over to debt collectors, including credit cards, hospital bills, student loans, auto loans, and mortgages, totaling $11.4 trillion. The average debt handed over to collection agencies is $5,178. American households have an average of over $15,000 in credit card debt, with rewards cards having a higher interest rate than non-reward cards. 7.6 million American homes were foreclosed between 2009 and 2011.
According to a 2014 study by the Urban Institute, more than 35 percent of Americans have unpaid debts that were turned over to debt collectors. Most of this debt comes from credit cards or hospital bills, but it also includes student loans, auto loans and mortgages, which account for nearly $11.4 trillion in total American consumer debt. Based on September 2013 records, the average debt handed over to collection agencies was reported at $5,178 USD.
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American households have an average of over $15,000 USD in credit card debt.
More credit card companies are offering loyalty cards, where cardholders earn points for using their cards and, in turn, can use those points for rewards or cashback offers. However, rewards cards average an interest rate of 17.83%, which is higher than non-reward cards which average 15.48%.
Between 2009 and 2011, 7.6 million American homes were foreclosed.
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